ANZ and DBS Bank open fintech innovation labs in Singapore

Just before the start of the week-long Singapore FinTech Festival, ANZ and DBS Bank have each announced the opening of innovation labs in Singapore.

DBS officially announced on Monday the opening of the new innovation facility DBS Asia X (DAX), which is located at the Sandcrawler Building in Fusionopolis. It is a 16,000 sq ft innovation space that has project pods and spaces, journey rooms, co-working spaces for up to 100 people as well as an auditorium and cafe. 

“DBS Asia X underscores DBS’ ongoing commitment to shaping the future of banking and embracing the future of work. It is a purpose built facility for DBS employees from all over the region to come together, design and develop iconic customer journeys and work in close collaboration with start-ups and the broader FinTech community. We look towards helping to further Singapore's Smart Nation agenda as we transform DBS into a 22,000 person start-up”, Piyush Gupta, CEO of DBS Bank, said.

ANZ’s innovation facility, called ANZ BlueSpace, has been launched to help accelerate innovation in Institutional Banking capability and facilitate collaboration with the fintech ecosystem, Fintech Singapore reported. It provides an open lab environment that aims to foster design thinking and reduce the innovation cycle through incubation and prompt prototyping of ideas.

“Institutional banking is at the ripe moment for change due to the tighter regulatory environment, shifting client expectations and the ongoing global digital transformation. ANZ BlueSpace can play a significant role to foster such innovations and will enrich Singapore’s status as a global FinTech hub”, Sopnendu Mohanty, Chief FinTech Officer, Monetary Authority of Singapore said.

The Singapore Fintech Festival 2016 has been organized by the Monetary Authority of Singapore (MAS) in partnership with the Association of Banks in Singapore (ABS). It started on November 14 and will conclude on November 18. The event aims to bring together startup community, industry leaders, government agencies and policymakers to help fulfill Singapore’s ambition of becoming a front-runner in fintech.

According to Fintech Singapore, ANZ is a sponsor of the Fintech Festival, which will see its BlueSpace facility open up to the public, along with other innovation labs in Singapore, as part of its innovation lab crawl.